GM, Ford & Stellantis Slump on Tariffs, Gamestop Sinks on Bitcoin Plan

On this episode of Stock Movers:

- General Motors (GM), Ford (F), and Stellantis (STLAM IM) are among big auto companies on the move after President Donald Trump signed a proclamation to implement a 25% tariff on auto imports. The effects of the tariff could be particularly pronounced at the low end of the market, with many of the least-expensive models from the likes of General Motors, Ford, Kia Motors and Hyundai being built outside the US.

- GameStop (GME) shares slumped as investors responded to the company’s plans to load up on debt in order to buy Bitcoin. The video-game retailer erased a quarter of its value today, shedding $3 billion in market capitalization in its largest drop since last June. The rout came after the company, on Wednesday afternoon, announced plans to sell $1.3 billion in convertible bonds to fund Bitcoin purchases as it embraces a strategy that was developed by the cryptocurrency advocate Michael Saylor.

- Petco (WOOF) shares rose after its full-year earnings outlook beat expectations, signaling its new leader’s efforts to close underperforming stores is boosting profitability.

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